Former New York Governor Andrew Cuomo delivered a blunt warning against proposals to raise taxes on wealthy residents, arguing that such policies would only accelerate the exodus of high-income earners from New York City. Speaking in a recent WABC radio interview, Cuomo criticized Mayor Zohran Mamdani’s plan to impose new taxes on millionaires, stating that the strategy is economically self-defeating and ignores years of clear evidence.

Cuomo warned that higher taxes on top earners would push wealthy individuals and businesses to relocate to lower-tax states such as Florida, shrinking New York’s tax base rather than strengthening it. He emphasized that New York City’s financial stability depends heavily on a relatively small number of high-income taxpayers, and driving them away would worsen the city’s already fragile fiscal position.

The remarks come as New York City faces a projected $12 billion budget gap, placing renewed pressure on city leaders to identify sustainable revenue sources. Despite this shortfall, Mayor Mamdani has doubled down on “tax the rich” rhetoric, framing higher taxes as a solution to inequality. However, Cuomo’s comments align with concerns raised by Governor Kathy Hochul, who has rejected similar tax proposals and pointed to significant revenue losses following population shifts.

Since 2020, New York has reportedly lost tens of thousands of high-income residents, contributing to an estimated $13 billion decline in tax revenue. Cuomo argued that these losses demonstrate the limits of progressive tax strategies in a highly mobile economy, where affluent individuals can relocate with relative ease. He cautioned that repeating the same policies would likely produce the same outcome: fewer taxpayers, less revenue, and deeper budget problems.

Cuomo’s intervention highlights growing divisions within New York’s Democratic leadership over fiscal policy and economic competitiveness. While progressive leaders continue to push wealth taxes as a solution to budget gaps, Cuomo’s warning reflects a more pragmatic assessment that prioritizes retaining residents, stabilizing revenue, and avoiding policies that could further erode the city’s economic base.